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VENICE REAL ESTATE MARKET UPDATE
SEPTEMBER 2008 VENICE SALES
HOW DOES THIS COMPARE ??? Venice properties are still selling ... the number of single family homes that sold in September was the same as September 2007. However, the average sale price, the total dollar volume and the average price per square foot all declined. In addition to the property sales reported above, I found 4 trustee sales which were not included in my sales figures. The Multiple Listing Service statistics as of September 16th show Venice listing inventory remains very high with 85 active single family homes for sale ... two more than a month ago. The average days on market for the current listings decreased to 68 days from 73 days a month ago. Of the 85 current listings, 27 (31.8%) are listed below last month's average sale price of $1,105,929 and 58 (68.2%) are listed above that average sale price. The average list price for the active listings is $1,796,308 ... 62.4% above September's average sale price! Currently 16 properties are in escrow (average days on market is 88). So far in 2008, 111 single family homes have sold (average days on market was 64 days ... the same last month); ) and 164 listings have been taken off the market without selling (average days on market was 109).
For a look of all of the Venice property sales by month since 1999, visit my web site at http://venicebeachliving.com/sa/index.html. 20 PARK AVENUE. VENICE ON A QUIET WALK STREET STEPS TO THE BEACH !!! JUST LISTED !!! Chic Venice beach house on prime walk street just a few steps to the Venice boardwalk and four blocks to trendy Abbot Kinney shops and restaurants. This recently remodeled classic features formal living and dining rooms with beautiful original windows, box beams, wood floors and fireplace. The huge entertainer’s kitchen has top-of-the-line appliances, a bar surrounding the cook top that seats 4-6 guests, fireplace and French doors opening to the private courtyard with a built-in bbq. Upstairs each of the 3 bedrooms have a private bath and balcony. The master also has fireplace, spa tub and ocean view from the balcony. 3 car garage + parking for 3 more behind the garage. Exclusively offered for sale ... $1,750,000. Beach House: Approximately 2209 s/f ... Built in 1911 424 CARROLL CANAL . VENICE ENJOY THE AMBIANCE OF THE VENICE CANALS !!! JUST LISTED & LEASED THE FIRST WEEK !!! Fabulous 2 Bedroom Canal-Front Home for Lease. This lower-unit abode was rebuilt just three years ago and is packed with state-of-the-art amenities ... hardwood floors throughout, recessed lighting, cable, satellite, built-in speakers. The cozy living/dining areas face a wall of windows and French doors that open out to a great waterfront deck and yard ... perfect for a barbeque with friends or an intimate dinner. The open kitchen is equipped with stainless range, refrigerator and dishwasher plus a built-in microwave and ample cabinets. A dreamy spa bath is very spacious and has a separate shower, therapy tub, pristine white cabinetry and tile. Each bedroom has great closet space ... the master is very nice sized. Parking is a single garage plus one outside space and one shared guest space. Minimum one-year lease. Exclusively offered for lease ... $3,750 / month. Click Here to View the Property Web Site !!! 2347 EASTERN CANAL . VENICE FABULOUS ARTIST RETREAT !!! JUST REDUCED !!! This charming 1929 Spanish bungalow provides a pleasant contrast to its dramatic detached three-level studio! The one bedroom, one bath bungalow is warm and inviting with wonderful arched doors and windows opening up to an unsurpassed view of both Eastern and Linnie Canals. Inside you'll find 10' high ceilings, white tile floors throughout, an updated kitchen with vintage stove plus a beautiful garden-view bath overlooking a very private courtyard that separates the cottage from the studio. Built in 1982, the second structure on this property houses a double garage, spacious darkroom, second-level gallery with stunning 3/4 bath, and a third-level loft overlooking the space below and the Canals. There is a loading pulley system from the gallery to transport large canvases/art pieces. Exclusively offered for sale ... $1,895,000. Bungalow: Approximately 800 s/f ... Built in 1929 REGISTER NOW TO PARTICIPATE IN THE GREAT LA SHAKEOUT EARTHQUAKE DRILL ON 11/13
TAXATION OF FORECLOSURES & SHORT SALES It has been some time since the real estate industry, on a large-scale basis, has had to deal with foreclosures, deeds in lieu of foreclosure, short sales and other distress sales of real property. Unfortunately, distress sales of real property, resulting from a convergence of tightening credit, falling property values, and the consequences of prior lending practices, are all too common currently and do not appear likely to end any time soon. Seemingly adding insult to injury, owners of real property facing a distress sale, and generally already under financial strain, may be unpleasantly surprised to learn that two types of taxable income can result from a foreclosure, deed in lieu of foreclosure, or short sale: capital gains and forgiveness of debt (cancellation of debt) income. Both types of income can trigger unexpected taxes for the owner. FAST FACTS California median home price - August 08: $350,140 (Source: CAR) California highest median home price by CAR region August 08: Santa Barbara So Coast $930,000 (Source: CAR) California lowest median home price by CAR region August 08: High Desert $169,200 (Source: CAR) California First-time Buyer Affordability Index - Second Quarter 08: 48 percent (Source: CAR) Mortgage rates - week ending 10/9/08 Please keep me in mind when you have family, friends or associates who are Thanks ... CJ
CJ COLE Phone: 310.823.3129 . 310.503.4834 |
